Digital Payments Market worth US$ 4004.95 billion 2019 with a CAGR of 13.8%
Growth in the number of customer-centric applications, increased focus on omnichannel payment mode, and expansion of the E-commerce industry globally, are the major factor driving growth of the global digital payments market. In addition, robust proliferation of the internet and increasing investments by internet service providers has upsurge growth of the target market. According to Best VPN organization, in 2017 there was 600% increase in cyber-attacks. The U.S. is the most affected nation by coordinated cyber-attacks, experiencing 303 attacks from 2015 to 2017, followed by India, which faced 133, and Japan hit by 87. Nevertheless, contact less payment method is an alternative payment channel which is creating major trend for the growth of the global market. It deals with short-range wireless technologies, such as near field communication (NFC) or radio frequency identification (RFID), to securely complete payments between a contactless card and contactless-enabled PoS terminal.